FEBRUARY 14, 2014

PRIVATE CLIENT RESEARCH

Stock Recommendations
Mkt Latest Price as Latest Latest Price Upside/ EPS (Rs) PE (x) RoE (%) P/ABV (x)
Name of the Company Cap Report on latest price Reco as on (Down-
(Rs mn) Date Report target* 14-Feb side) FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E
(Rs) (Rs) (Rs) (%)
Banking
Allahabad Bank 36,875 28-Jan-14 79 78 REDUCE 74 5.8 23.7 22.1 3.1 3.3 11.8 10.4 0.8 0.8
Andhra Bank 30,721 14-Feb-14 54 50 REDUCE 55 (8.9) 8.5 8.7 6.5 6.3 5.9 6.0 0.7 0.8
Axis Bank 455,780 17-Jan-14 1,176 1,370 BUY 1,103 24.2 130.0 147.6 8.5 7.5 17.2 17.2 1.4 1.2
Bank of Baroda 221,170 07-Feb-14 538 615 ACCUMULATE 536 14.7 106.0 110.0 5.1 4.9 13.8 13.0 0.9 0.8
HDFC Bank 1,527,099 20-Jan-14 665 730 BUY 642 13.7 35.8 44.8 17.9 14.3 21.7 23.0 3.7 3.1
ICICI Bank 1,139,614 30-Jan-14 1,002 1,311 BUY 988 32.6 82.9 95.7 11.9 10.3 13.6 14.0 1.6 1.4
Indian Bank 39,904 24-Jan-14 109 115 ACCUMULATE 93 23.9 28.7 30.0 3.2 3.1 11.0 10.7 0.5 0.5
Indian Overseas Bank 35,387 31-Jan-14 43 44 REDUCE 44 (0.9) 3.7 5.9 12.0 7.5 3.3 5.0 0.7 0.7
Jammu & Kashmir Bank 65,087 12-Feb-14 1,352 1,400 REDUCE 1,342 4.3 237.1 266.1 5.7 5.0 22.0 21.2 1.2 1.0
Punjab National Bank 182,049 03-Feb-14 549 610 ACCUMULATE 537 13.7 94.6 116.5 5.7 4.6 10.2 11.5 0.8 0.7
State Bank of India 989,851 14-Nov-13 1,697 1,819 ACCUMULATE 1,475 23.3 174.2 211.3 8.5 7.0 11.6 12.8 1.4 1.3
Union Bank of India 56,426 03-Feb-13 108 117 ACCUMULATE 103 14.1 24.2 29.8 4.2 3.4 9.4 10.8 0.6 0.5
NBFCs
HDFC Ltd 1,132,852 23-Jan-14 842 874 ACCUMULATE 771 13.4 35.4 40.5 21.8 19.0 20.7 21.2 4.5 4.0
IDFC 144,204 04-Feb-14 91 135 BUY 95 41.6 13.5 14.3 7.1 6.7 14.1 13.5 1.0 0.9
LIC Housing Finance 94,501 20-Jan-14 209 276 BUY 199 38.7 25.8 29.8 7.7 6.7 18.6 18.4 1.4 1.2
Mahindra & Mahindra Financial Services 116,730 23-Jan-14 254 265 REDUCE 244 8.6 16.4 19.3 14.9 12.6 19.4 19.7 2.9 2.5
Shriram Transport Finance Co 124,746 30-Jan-14 616 700 ACCUMULATE 557 25.7 59.6 63.0 9.3 8.8 18.3 16.9 1.6 1.4
S
STOCK RECOMMENDATIONS
STOCK RECOMMENDATIONS February 14, 2014
Kotak Securities - Private Client Research For Private Circulation 2
Stock Recommendations
Mkt Latest Price as Latest Latest Price Upside/ EPS (Rs) PE (x) RoE (%) EV/EBIDTA (x)
Name of the Company Cap Report on latest price Reco as on (Down-
(Rs mn) Date Report target* 14-Feb side) FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E
(Rs) (Rs) (Rs) (%)
Auto & Auto Ancillary
Apollo Tyres 59,296 13-Feb-14 118 139 BUY 118 18.1 18.5 17.3 6.4 6.8 24.2 18.5 4.4 4.0
Ashok Leyland 41,512 23-Jan-14 17 18 ACCUMULATE 16 15.4 - 0.1 - 156.0 - 0.9 829.3 11.9
Bajaj Auto Ltd 532,380 20-Jan-14 1,933 2,239 BUY 1,840 21.7 115.8 139.9 15.9 13.1 38.0 36.9 10.6 8.3
Eicher Motors Ltd # 130,937 14-Feb-14 4,819 5,123 ACCUMULATE 4,850 5.6 145.9 260.7 33.2 18.6 20.7 29.8 16.1 9.5
Escorts Ltd ** 13,441 29-Jan-14 123 136 ACCUMULATE 110 23.7 20.0 18.1 5.5 6.1 13.6 11.0 4.3 4.7
Hero MotoCorp Ltd 387,460 31-Jan-14 1,998 2,140 ACCUMULATE 1,937 10.5 105.0 142.7 18.5 13.6 42.6 51.3 9.8 8.5
Maruti Suzuki India Ltd 474,943 29-Jan-14 1,566 1,608 REDUCE 1,643 (2.2) 84.9 100.5 19.4 16.4 13.0 13.7 7.9 6.6
Tata Motors 1,234,051 11-Feb-14 364 423 BUY 389 8.8 47.7 53.3 8.2 7.3 33.0 27.7 4.6 3.8
TVS Motors 38,151 30-Jan-14 71 75 ACCUMULATE 80 (6.6) 5.5 6.8 14.6 11.8 19.4 20.7 9.2 7.4
Capital Goods & Engineering
ABB Ltd * 122,590 07-Nov-13 645 478 SELL 579 (17.4) 11.5 18.4 50.3 31.4 9.1 13.3 22.4 15.7
AIA Engineering 53,181 04-Feb-14 530 520 REDUCE 566 (8.1) 31.9 40.4 17.7 14.0 20.9 22.4 11.1 8.6
Alstom T&D India Ltd * 42,721 04-Feb-14 185 163 SELL 179 (8.8) 4.7 6.3 38.0 28.4 12.6 15.5 15.6 14.2
Bajaj Electricals Ltd 22,630 13-Feb-14 234 197 SELL 229 (14.0) 3.8 14.6 60.3 15.7 5.0 18.0 17.0 7.9
Bharat Electronics 77,120 27-Jan-14 981 1,118 BUY 964 16.0 108.9 108.0 8.9 8.9 13.2 11.9 2.5 2.1
BHEL 363,380 06-Feb-14 161 150 SELL 149 1.0 15.2 14.4 9.8 10.3 11.4 10.2 5.7 5.3
Blue Star 12,680 28-Jan-14 147 175 BUY 141 24.1 7.0 11.9 20.2 11.9 12.5 19.5 10.5 7.0
Crompton Greaves 78,019 30-Jan-14 102 102 REDUCE 122 (16.1) 5.4 8.4 22.5 14.5 9.2 13.1 12.3 8.5
Cummins India 121,926 06-Feb-14 439 445 REDUCE 440 1.2 22.2 23.9 19.8 18.4 24.3 24.8 16.2 13.7
Diamond Power Infrastructure 1,795 19-Nov-13 48 54 ACCUMULATE 48 12.0 20.6 21.8 2.3 2.2 12.0 11.6 5.0 4.8
Elgi Equipment Ltd 13,904 11-Feb-14 88 90 REDUCE 88 2.3 3.9 4.9 22.6 18.0 13.7 15.2 12.2 10.2
Engineers India Ltd 51,527 - - - NR 153 - 19.7 - 7.8 - 26.4 - 2.2 -
Greaves Cotton 13,965 07-Feb-14 62 75 BUY 57 31.1 5.6 5.9 10.2 9.7 17.4 16.3 6.4 5.1
Havells India Ltd 92,671 30-Jan-14 769 720 REDUCE 770 (6.5) 35.7 40.6 21.6 19.0 27.6 25.5 11.9 10.5
Kalpataru Power Transmission 11,052 31-Jan-14 75 85 ACCUMULATE 72 18.1 10.9 12.4 6.6 5.8 8.7 9.2 3.9 3.7
Larsen & Toubro 915,812 23-Jan-14 1,005 1,079 ACCUMULATE 993 8.7 51.7 64.0 19.2 15.5 13.4 14.9 14.0 11.7
Siemens India # 175,331 31-Jan-14 536 480 SELL 530 (9.4) 4.9 16.3 108.1 32.5 4.3 13.7 41.7 16.1
Suzlon Energy 16,391 01-Nov-13 10 NA RATING SUSPENDED 11 - - - - - - - - -
Thermax 74,393 22-Jan-14 667 705 ACCUMULATE 625 12.8 26.1 35.6 24.0 17.6 8.7 12.3 14.6 10.4
Time Technoplast Ltd 7,305 14-Feb-14 34 47 BUY 35 34.5 4.5 5.5 7.8 6.4 10.8 12.0 5.0 4.5
STOCK RECOMMENDATIONS February 14, 2014
Kotak Securities - Private Client Research For Private Circulation 3
Stock Recommendations
Mkt Latest Price as Latest Latest Price Upside/ EPS (Rs) PE (x) RoE (%) EV/EBIDTA (x)
Name of the Company Cap Report on latest price Reco as on (Down-
(Rs mn) Date Report target* 14-Feb side) FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E
(Rs) (Rs) (Rs) (%)
Va Tech Wabag Ltd 15,900 11-Feb-14 560 610 ACCUMULATE 600 1.7 43.3 51.1 13.9 11.7 15.1 15.7 6.7 5.2
Voltamp Ltd 3,818 01-Nov-13 364 400 ACCUMULATE 378 5.8 33.0 44.0 11.5 8.6 8.0 10.0 5.8 3.8
Voltas Ltd 39,280 31-Jan-14 107 120 BUY 119 1.0 6.6 7.9 18.0 15.0 12.9 14.3 11.8 10.4
Cement
ACC # 189,079 07-Feb-14 1,019 1,150 ACCUMULATE 1,007 14.2 58.3 64.3 17.3 15.7 14.4 14.9 11.9 9.1
Grasim Industries 225,110 03-Feb-14 2,574 3,010 BUY 2,455 22.6 211.3 284.0 11.6 8.6 9.5 11.6 5.0 3.9
India Cements 15,058 12-Feb-14 52 48 REDUCE 49 (2.1) 0.8 3.6 61.3 13.6 0.6 2.7 4.7 3.6
Shree Cement 148,502 28-Jan-14 4,330 4,667 ACCUMULATE 4,262 9.5 179.8 224.6 23.7 19.0 15.1 16.3 10.3 8.3
UltraTech Cement 452,922 21-Jan-14 1,719 1,930 ACCUMULATE 1,653 16.8 71.3 91.9 23.2 18.0 12.2 14.0 12.2 0.6
Construction
IL&FS Transportation Network Ltd 20,787 13-Feb-14 108 151 BUY 107 41.1 20.1 23.7 5.3 4.5 10.3 11.2 9.4 8.8
IRB Infrastructure Developers 24,279 03-Feb-14 77 116 BUY 73 58.8 12.7 12.9 5.8 5.7 12.2 11.2 6.4 6.2
J Kumar Infraprojects 5,171 14-Feb-14 186 180 REDUCE 186 (3.2) 33.7 36.8 5.5 5.1 17.1 16.0 4.7 4.2
Jaiprakash Associates 85,847 12-Feb-14 40 54 BUY 39 38.1 1.1 1.6 35.5 24.4 1.8 2.6 10.3 8.9
Nagarjuna Construction 6,132 13-Feb-14 26 28 ACCUMULATE 24 17.2 1.1 2.0 21.7 12.0 1.2 2.0 6.9 6.5
Punj Lloyd Ltd 9,160 07-Nov-13 28 27 REDUCE 28 (2.4) 3.0 3.6 9.2 7.7 3.5 4.0 6.7 6.5
Simplex Infrastructures 4,123 20-Nov-13 65 63 REDUCE 83 (24.1) 10.9 12.5 7.6 6.6 4.1 4.6 5.6 5.4
FMCG
Godrej Consumer Products Ltd 239,796 04-Feb-14 723 726 REDUCE 741 (2.0) 21.3 25.9 34.8 28.6 19.0 20.2 21.5 17.7
Hindustan Unilever 1,210,140 28-Jan-14 580 550 REDUCE 560 (1.8) 16.6 18.3 33.8 30.6 110.0 85.2 24.7 21.2
ITC Ltd 2,474,612 20-Jan-14 325 345 ACCUMULATE 320 7.9 11.2 12.3 28.6 26.0 40.7 39.0 19.5 17.9
Marico Ltd 139,104 30-Oct-13 212 233 ACCUMULATE 216 7.9 7.8 8.5 27.7 25.4 21.2 18.7 19.3 17.0
Pidilite Industries 138,760 30-Jan-14 285 323 ACCUMULATE 273 18.3 10.1 12.2 27.0 22.4 28.3 28.3 18.4 15.2
Information Technology
Geometric Ltd 5,662 04-Feb-14 95 100 ACCUMULATE 90 10.7 8.8 14.5 10.3 6.2 19.4 26.4 1.8 1.5
HCL Technologies 1,057,129 17-Jan-14 1,390 1,422 REDUCE 1,497 (5.0) 84.9 95.0 17.6 15.8 22.6 19.3 11.6 10.3
Infosys Technologies 2,084,524 13-Jan-14 3,550 3,740 ACCUMULATE 3,644 2.6 188.4 211.6 19.3 17.2 25.8 24.5 14.8 12.7
Infotech Enterpises 38,707 17-Jan-14 347 339 REDUCE 348 (2.7) 24.6 30.1 14.2 11.6 19.2 20.0 7.5 6.3
STOCK RECOMMENDATIONS February 14, 2014
Kotak Securities - Private Client Research For Private Circulation 4
Stock Recommendations
Mkt Latest Price as Latest Latest Price Upside/ EPS (Rs) PE (x) RoE (%) EV/EBIDTA (x)
Name of the Company Cap Report on latest price Reco as on (Down-
(Rs mn) Date Report target* 14-Feb side) FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E
(Rs) (Rs) (Rs) (%)
KPIT Technologies 32,198 24-Jan-14 159 169 ACCUMULATE 168 0.4 13.7 15.0 12.3 11.2 21.8 19.7 7.1 5.9
Mphasis Ltd *** 79,965 09-Dec-13 396 413 REDUCE 383 7.8 41.3 - 9.3 - 16.8 - 5.1 -
NIIT LTD 3,945 20-Jan-14 28 33 BUY 24 37.8 0.9 4.8 26.6 5.0 2.4 11.8 6.0 4.1
NIIT Technologies 23,888 15-Jan-14 389 410 ACCUMULATE 407 0.7 38.1 45.7 10.7 8.9 19.6 20.3 5.7 4.6
Oracle Financial Services Software 258,394 25-Nov-13 3,099 3,428 ACCUMULATE 3,085 11.1 153.5 158.8 20.1 19.4 16.1 14.4 13.9 17.1
Tata Consultancy Services (TCS) 4,243,447 17-Jan-14 2,350 2,505 ACCUMULATE 2,168 15.5 96.7 113.4 22.4 19.1 51.4 46.2 16.5 14.1
Wipro Technologies 1,379,449 20-Jan-14 553 581 ACCUMULATE 564 3.1 31.3 36.5 18.0 15.4 25.2 24.3 12.1 10.0
Zensar Technologies 16,607 23-Jan-14 386 406 REDUCE 385 5.4 55.3 59.2 7.0 6.5 28.0 23.8 4.1 3.0
Logistics
Adani Port & Special Economic Zone 294,615 28-Jan-14 146 172 BUY 147 17.0 9.8 11.3 15.0 13.0 24.2 22.2 12.7 10.1
Allcargo Global Logistics 14,500 14-Jan-14 135 160 BUY 134 19.4 14.0 15.9 9.6 8.4 10.3 10.6 4.9 4.5
Blue Dart Express 14,500 07-Feb-14 3,300 2,520 SELL 3,148 (19.9) 61.1 63.0 51.5 50.0 40.7 33.7 6.2 4.8
Container Corporation of India 139,737 04-Feb-14 728 790 ACCUMULATE 717 10.2 50.5 56.3 14.2 12.7 14.2 14.2 9.3 8.2
Gateway Distriparks Ltd 14,299 04-Feb-14 127 148 BUY 132 11.8 12.2 14.8 10.9 8.9 15.6 16.8 6.4 5.7
Gujarat Pipavav Port Ltd (GPPL) 26,521 20-Dec-13 60 68 ACCUMULATE 63 8.7 3.2 4.1 19.5 15.3 11.2 12.6 12.6 11.0
Media
DB Corp 54,998 17-Jan-14 307 300 REDUCE 303 (1.0) 15.4 17.6 19.7 17.2 25.4 25.2 11.3 9.7
Dish TV India Ltd 48,731 24-Jan-14 50 55 ACCUMULATE 46 20.1 - - - - - - 10.0 8.3
Entertainment Network (ENIL) 16,540 12-Feb-14 350 366 ACCUMULATE 347 5.6 17.7 18.3 19.6 18.9 15.4 13.9 10.1 8.8
HT Media 16,771 - - - NR 72 - 7.8 - 9.2 - 9.9 - 5.4 -
TV18 Broadcast 35,397 12-Feb-14 22 30 BUY 21 44.9 0.5 1.2 41.4 17.3 2.6 5.7 22.1 11.4
Jagran Prakashan 26,353 31-Jan-14 89 100 ACCUMULATE 88 14.2 6.3 7.4 13.9 11.8 20.3 21.8 7.1 5.9
Sun TV Network 129,705 10-Feb-14 361 403 ACCUMULATE 329 22.4 17.8 20.5 18.5 16.1 23.6 24.6 8.4 -
Zee Entertainment Ent 255,649 23-Jan-14 284 267 REDUCE 261 2.1 9.2 10.7 28.4 24.4 20.9 21.1 19.7 16.5
Metals
Hindalco 206,274 14-Feb-14 100 118 BUY 100 18.1 11.3 12.5 8.8 8.0 8.9 9.0 8.5 6.6
Hindustan Zinc 520,768 20-Jan-14 129 141 ACCUMULATE 123 14.4 16.0 16.6 7.7 7.4 18.1 16.3 3.7 3.0
SAIL 253,201 13-Nov-13 63 51 SELL 61 (16.8) 6.7 7.5 9.1 8.2 6.6 7.0 10.5 8.6
Tata Steel Ltd 375,813 12-Feb-14 390 426 ACCUMULATE 371 14.9 36.8 65.1 10.1 5.7 10.5 16.9 5.0 5.0
STOCK RECOMMENDATIONS February 14, 2014
Kotak Securities - Private Client Research For Private Circulation 5
Stock Recommendations
Mkt Latest Price as Latest Latest Price Upside/ EPS (Rs) PE (x) RoE (%) EV/EBIDTA (x)
Name of the Company Cap Report on latest price Reco as on (Down-
(Rs mn) Date Report target* 14-Feb side) FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E
(Rs) (Rs) (Rs) (%)
Mid Cap
Kajaria Ceramics Ltd 24,125 21-Jan-14 307 321 ACCUMULATE 319 0.6 14.1 19.9 22.6 16.0 23.4 24.0 9.8 7.8
Oil & Gas
Cairn India Ltd 614,660 24-Jan-14 325 354 ACCUMULATE 322 9.9 63.6 61.4 5.1 5.2 20.2 15.8 1.5 1.2
Castrol India Ltd * 145,574 29-Nov-13 300 330 ACCUMULATE 294 12.1 9.6 11.2 30.7 26.3 52.9 61.1 20.5 17.8
Gujarat State Petronet Ltd (GSPL) 31,079 07-Feb-14 61 65 ACCUMULATE 55 17.3 7.7 8.1 7.2 6.9 13.3 12.4 3.7 3.7
Indraprastha Gas (IGL) 35,819 11-Feb-14 264 290 ACCUMULATE 256 13.3 25.7 22.2 10.0 11.5 21.5 16.3 4.7 4.4
Mangalore Refinary & Petrochemicals (MRPL) 70,868 10-Feb-14 44 39 SELL 40 (3.6) - 3.0 - 13.3 - 8.6 25.0 6.9
Oil India Ltd 274,733 13-Feb-14 461 580 BUY 457 26.9 55.7 59.3 8.2 7.7 15.6 15.0 3.5 3.0
Petronet LNG 86,813 03-Feb-13 110 121 ACCUMULATE 116 4.5 9.0 11.2 12.9 10.4 14.1 15.6 7.9 6.2
Power
NTPC 1,090,534 30-Jan-14 128 165 BUY 132 24.8 12.4 13.6 10.7 9.7 12.3 12.5 9.4 8.5
Tata Power Company Ltd 175,246 11-Feb-14 75 84 ACCUMULATE 74 13.7 3.6 6.4 20.5 11.5 7.3 11.8 5.8 5.4
Real Estate
Phoenix Mills Ltd 30,585 03-Feb-14 203 279 BUY 211 32.1 10.2 10.9 20.7 19.4 8.1 8.1 17.2 15.2
Shipping
ABG Shipyard Ltd 13,318 22-Nov-13 270 250 SELL 262 (4.5) 2.9 2.2 90.2 118.9 0.8 0.6 10.1 10.2
GE Shipping Company 43,928 - - - NR 289 - 38.1 - 7.6 - 8.2 - 3.5 -
Pipavav Defence & Offshore Engg 23,985 13-Dec-13 43 45 REDUCE 35 29.7 0.2 2.0 173.5 17.4 0.7 6.7 11.3 10.8
Shipping Corporation of India 15,077 23-Dec-13 40 46 ACCUMULATE 36 29.2 - 2.4 - 14.8 - 1.8 21.1 10.8
Source: Kotak Securities - Private Client Research
- All recommendations are with a 9-12 month perspective from the date of the report/update. Investors are requested to use their discretion while deciding the timing, quantity of investment
as well as the exit.
* Figures for CY13 & CY14
** Financials are for FY13 & FY14 - September year end
*** Financials are for FY13 & FY14 - October year end
# Figures for FY14 & FY15 - September year ending
NR = Not Rated. The investment rating and target price, if any, have been suspended temporarily. Such suspension is in compliance with applicable regulation(s) and/or Kotak Securities policies
in circumstances when Kotak Securities or its affiliates is acting in an advisory capacity in a merger or strategic transaction involving this company and in certain other circumstances.
NM= Not Meaningful
STOCK RECOMMENDATIONS February 14, 2014
Kotak Securities - Private Client Research For Private Circulation 6
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Fundamental Research Team
Dipen Shah
IT
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Sanjeev Zarbade
Capital Goods, Engineering
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Construction, Cement
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Metals, Mining
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Banking, NBFC, Economy
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Auto & Auto Ancillary
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Capital Goods, Engineering
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FMCG, Media
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Oil and Gas
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Logistics, Transportation
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Premshankar Ladha
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+91 22 6621 6261
Derivatives Research Team
Sahaj Agrawal
sahaj.agrawal@kotak.com
+91 79 6607 2231
Rahul Sharma
sharma.rahul@kotak.com
+91 22 6621 6198
Malay Gandhi
malay.gandhi@kotak.com
+91 22 6621 6350
Prashanth Lalu
prashanth.lalu@kotak.com
+91 22 6621 6110